CandleFocus India balances sluggish economy with growing services and crypto boom
2024-11-22
Author: Content Editor
India's economy is facing mixed realities, with a slowing manufacturing sector and booming growth in services and cryptocurrency. Manufacturing slowed slightly in November, while the services sector experienced growth and reached its highest employment index since 2005. Rising costs are impacting manufacturers, while inflation is driven up by higher food and wage prices in the services sector. Despite these challenges, the services sector remains a bright spot, driven by strong demand. In the world of cryptocurrency, India leads in adoption despite strict regulations and high taxes on crypto gains. The country ranks first in the Global Crypto Adoption Index and second in the region for total crypto value received. Efforts to crack down on offshore exchanges have had limited effectiveness.
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